Banking Customers Are Increasingly Going Digital [Infographic]

9 November, 2015 (11:09) | Blog | By: admin

Banking Customers Are Increasingly Going Digital [Infographic]

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By Niall McCarthy – Data journalist covering technological, societal and media topics

Opinions expressed by Forbes Contributors are their own.

How often do you visit your local bank branch? The average American did it 1.7 times a month in 2011 and this fell to 1.0 times a month in 2014. Conventional visits to the bank are becoming a thing of the past according to a recent Gallup poll. It found that since 2011, 50 percent of U.S. customers are visiting a branch less often, while 46 percent are using call centers less often.

Between 2011 and 2014, the average monthly use of online banking increased, along with mobile banking. Even though this trend may seem positive as it can lead to large cost savings for banks, Gallup points out that it can also have a serious negative effect on customer engagement. In addition to bringing in 37 percent more revenue each year, fully engaged customers also are more likely to remain long-term customers of their bank.

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